In September, Central Board of Direct Taxes (CBDT) directs corporates and professionals to drop the proposal to submit their tax payment estimate for next 2 quarters in advance.

CBDT came up with a draft notification directing companies with annual income of Rs. 1 Crore and professionals with Rs. 50 Lakh income per annum to report an estimate of their current income, tax payment and advance tax liability on a voluntary basis.

The CBDT has given 45 days to the assessee to prepare the estimate and submit it by November 15. However, the Board has not indicated date till when it will receive comments on the draft notification and notify the final norms.

Source: The Hindu